Conduct raised a $60m Series A on Wednesday 17 June, co-led by Index Ventures and ICONIQ, with the German software giant SAP investing strategically and embedding Conduct inside its own products1. The London company was founded in 2024 by three former Palantir engineers, including chief executive JP Haas, and went from an $11m seed to this round in under a year. It runs 38 staff in London, counts DHL and Fraport among its customers, and plans a New York office2.
The reason SAP wrote a cheque sits in a deadline of its own making. SAP ends mainstream support for its ECC (ERP Central Component) software on 31 December 2027, and on one industry count roughly 17,000 of 35,000 ECC customers, almost half, have not yet moved to its successor. That stranded base, large companies running ageing core software against a hard cliff, is exactly the market Conduct's agentic AI is built to serve. An external tool that automates the migration is worth more to SAP owned than competing, which is the structural logic behind a strategic cheque rather than an arm's-length one.
Conduct adds to a London run of founders raising on foreign strategic money, after Geordie's $30m for AI-agent security led by Balderton and Airspeed's £14.9m from a team of ex-DeepMind scientists. The throughline is a city producing enterprise-AI companies whose lead capital and, increasingly, whose strategic backers arrive from outside Britain.
